According to the International Energy Agency (IEA), global oil supplies rose by 600 00 bpd in February, reaching 92.81 million bpd. This growth was led by a 500 000 bpd rise in OPEC crude output.
In February, OPEC Crude supplies surmounted the 30 million bpd mark for the first time in five months, led by a surge in Iraqi output, rising 500 000 bpd to reach 30.49 bpd.
Total non-OPEC supplies rose 1.3 million bpd in 2013, and the IES anticipates that this figure will rise a further 1.7 million bpd in 2014.
Oil demand is expected to grow approximately 1.4 million bpd in 2014, reaching 92.7 million bpd. The IEA has indicated that emerging markets are likely to provide the majority of this growth, with non-OECD Asia accounting for nearly half the gain.
Meanwhile, global refinery crude throughputs are likely to expand approximately 1 million bpd this quarter, to reach 76.6 million bpd. Contracting runs in Asia and Europe are only partly offsetting growth in the US, Middle East and Russia.
Seasonal maintenance will restrict refinery activity to a low of 74.8 million bpd in April, taking runs to 75.9 million bpd on average for the next quarter, a 1 million bpd year on year increase.
Adapted from a press release by Emma McAleavey.